New Age Metals Inc. in conjunction with its Farm-in/Joint Venture agreement with Mineral Resources Ltd. announce that the companies have agreed to extend the current budget of $1.8 million to $2.3 million. The funds will be used to add an additional 1500 meters to the current Lithium Two drill budget. The 2022/2023 budget of $2.3 million is expected to take the project to early April 2023.

Included in this release is the results of the 2022 exploration activities with regards to the company's Manitoba Lithium Projects. Property wide reconnaissance, geological mapping, first pass surface sampling, and helicopter-borne magnetics were completed from early June to mid- September 2022. The summer program successfully outlined several new target areas for further sampling and drilling.

In addition, 1063 meters of drilling was completed on the Lithium One Property's Silverleaf showing to test the extent of the mineralization exposed at surface. The company is encouraged by the first preliminary exploration program that confirmed anomalous lithium values on multiple properties. Samples and geological data have been collected from five of the company's properties with numerous rock samples showing anomalous values for lithium, cesium, tantalum, and rubidium across the Cat Lake, Lithium Two, Bird River, Lithman East, and Lithium One Properties.

The program involved visiting locations identified as prospective based on a historic data compilation, as well as structural trends identified in the 2022 airborne magnetic survey. 283 bedrock samples were collected and submitted to SRC Laboratories in Saskatoon, SK for analysis. The results identified geochemically prospective areas indicating that more intensive exploration of the properties is warranted.

New Age Metals completed a 1063-meter helicopter-supported exploratory drill program along strike and down dip of the Silver Leaf Showing based on magnetic low trends identified in the 2022 Airborne Magnetics Survey over the Lithium One Property. Mineralization encountered included 0.227% Li2O and 3216 ppm Cs over 4.7 m (LO-22-01) and 0.402% Li2O, 2029.5 ppm Cs over 1.5 m (LO-22-03). The results of this drilling encountered pegmatite intervals with anomalous lithium and cesium values 100 meters down dip and 300 meters to the west of the outcropping mineralization and remains open in this direction.

The company plans to further define drill targets in this area by surface grid sampling along trend. Grab sample assays from the Lithman East Property included up to 0.842 % Li2O and 0.428 % Li2O on two separate pegmatites along the prospective Rush Lake Trend (See Figure 1). The Lithman East Property is road accessible and is located about 7 km to the East of Tanco Mine.

The Bird River and Lithman West Properties included anomalous lithium values as well pegmatite samples grading up to 337 ppm Ta. The summer field program has confirmed that multiple prospective trends exist on the Company's extensive land holdings within the Winnipeg River Pegmatite Field. The company plans to conduct numerous rock chip and MMI soil sampling grids over the areas considered geochemically elevated in lithium and other indicator elements.

Definition of prospective areas as well as further reconnaissance work over underexplored geologically prospective ground will be the focus of the coming field season with goal of adding additional drill-ready targets. In February 2023, a new technical study has been approved and is being carried out by NAM and MRL's lithium exploration teams, with input from well-respected Australian based geophysical consulting group Resource Potentials Pty Ltd, who have extensive global lithium exploration expertise. Through data compilation, reprocessing and integration, especially employing new information acquired by the NAM team, this study will encompass regional to prospect scale assessments to provide additional and new insights for targeting and prioritising key areas for follow-up exploration activities in 2023, such as drill planning, mapping and sampling programs, and high-resolution geophysical surveys, to be funded under the NAM-MRL Farm-in /Joint Venture.